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, america goes after a bridge over the fiscal cliff. the spending cuts and tax hikes are expected to take effect. >> the night before the fiscal cliff. the senate gave up until tomorrow. >> there is still time to reach an agreement. >> they dropped the demand to cut social security. >> i am optimistic we can live move legislation and get this averted before tomorrow. >> the taxes will go up on most americans. huge cuts kick in. >> i think it is obvious president obama wants us to go over the fiscal cliff. >> president obama blamed republicans. >> they say the biggest priority is making sure they deal with the deficit in a significant way. they are behaving in a way that they're only priority is that the tax breaks for the wealthiest americans are protected. blacks mitch mcconnell is vowing to find out. -- >> mitch mcconnell is vowing to find out. >> can the senate veteran help congress tumble to a deal on the last day? >> if we do go off the fiscal cliff, congress would be more likely to make a deal. members could claim they are cutting taxes. >> thank you. if america does fall off the fi
in automatic tax increases and the spending cuts that are set to kick in on january 1st. that fiscal cliff and its potential impact on our economy brought lawmakers from both houses to washington for last-minute negotiations. concerns about the cliff spooked investors, the holiday shortened trading week was lighter in volume but higher in volatility. the worst decline of the month on thursday after a disappointing read on consumer confidence and some statements by congressional leaders. and yet, with one final trading day to go, all the major averages were still showing positive performance for the year of 2012. meantime, the u.s. is set to reach the debt limit on monday. that, according to treasury secretary tim geithner in a letter to congress, though, he did say he expects to take what he called extraordinary measures to extend the government's borrowing ability for another two months or so. and even your cup of coffee wants a deal on the fiscal cliff. baristas at the 120 starbucks in washington, d.c. were encouraged by management to add a shot of bipartisanship to their drink orders an
off the fiscal cliff and automatic spending cuts kick in, researchers estimate maryland will lose $117.6 million in federal funding next year, money already in the state budget. economists say to make up for, the state will have to reallocate spending and make cuts. >> and perhaps raise -- raise a threshold for any kind of aid that has federal funds tied to it. it will be a challenge to make ends meet than. the report estimates 53,000 full and part-time jobs will be lost in 2013. that number could be much higher. a huge hit in sales and income tax revenue means the state would lose about $268 million in 2013. and another $635 million in 2014. >> the ability for the state to be the leader in education, small business innovation as well as other things -- the state usually leads in doing so -- these are tied up in those revenues. >> many middle-class families in maryland also end up paying more taxes because of the alternative minimum tax rate. if we go over the fiscal cliff, it will revert to a system not adjusted for inflation. secretary of state hillary clinton remains hospitalized, u
. president obama said a deal is in sight to stop america going over the so-called fiscal cliff. congress officials have said the house of representatives will not vote before midnight despite tense negotiations to get an agreement signed before midnight washington time. that will trigger a series of automatic spending cuts and tax hikes and could send the country back into recession. >> of america is staring into the economic unknown. there will be some real damage. there are some people deserving far better and we will be scrambling to find budget reductions in we can understand. >> we are upon the fiscal cliff. will we need to focus on is how we find that common ground. ira by -- i believe republicans and democrats alike want to put us on the course to fiscal discipline. >> we are running at a time. americans are threatened with a tax hike in just few hours. i hope we can keep in mind that our single most important goal is to protect middle-class families. >> democrats and republicans in congress have to get this done but they are not there yet. they are closed but not there yet. one t
cliff. it's a term used to describe the expiry of tax cuts dating back to 2001. if there is no deal, 88% of americans will end up paying $400 billion more in 2014. that will be coupled with more than a trillion dollars in automatic government spending cuts. according to the congressional budget office it will start with $200 billion in military and social welfare cuts next year. the big concern over falling off the fiscal cliff is it will send the u.s. back into a recession with, of course, global repercussions. it could be weeks before anyone feels the effects. and analysts say even without an agreement, politicians can reach other deals to soften the impact. >> u.s. president barack obama making a rare appearance on one of u.s. tv's agenda-setting sunday shows. he appealed to politicians of both parties not to let the u.s. go off the so-called fiscal cliff. the budget crisis, some kay -- say could tip the u.s. into recession dragging the rest of the world with it. >> over the next 48 hours, regardless of partisan differences our top priority has to be that taxes on middle class famili
the fiscal cliff. finally 8.2%. that's the total automatic cuts that you get that would include fema, education and state and local aid. obviously states like hawaii, places like virginia that are more dependent on federal spending would get hit harder than other states, sue. so write down the numbers. write down the percentages and see how much any view they come up with brings it down to figure out what the macro economic effects will be and micro economic effects. simon? >> all right, steve. will do. we are still awaiting president obama to see how things are taking shape on parts of the deal for washington. back in two minutes. sfls welcome back to prounch. in just a few moments the president will take to the foed poed yum there to talk about the fiscal cliff negotiations. john, you have outlined what we believe are some of the components of this possible deal. given what you know, which side gave more at this point? >> i think everybody is giving. look, the president wanted, and democrats wanted, having campaigned on it, $250,000 threshold for family income for the return to the
a lot more at the grocery store. >> falling off the fiscal cliff, means big cuts for the defense department. even if an agreement is reached, the threat still looms large. ♪ ♪ i'm halfway to your heart ♪ you have to let me know ♪ so i don't make my worst mistake ♪ ♪ turn around and let you go [ female announcer ] when sweet and salty come together, the taste is irresistible. made with sweet, smooth peanut butter and salted, roasted peanuts. sweet and salty nut bars by nature valley. nature at its most delicious. . >>> you know there is a lot at stake in the fiscal cliff talks besides the looming tax hikes. fox's peter deucey has a look at the latest in massive cuts that could be coming to the defense department. >> reporter: senator lindsay graham told me this morning his phone rang during dinner saturday night. it was defense secretary leon panetta calling to say he had been told that the bill to avoid the fiscal cliff will not include anything to avoid sequestration. on tuesday, leon panetta will have to write 800,000 layoff notices to the defense contractors. >> if
to be a massive fiscal cliff of large spending cuts and tax increases. i hope that congress will look at that and figure out ways to achieve the same long-run fiscal improvement without having it all happen at one date. >> there's still significant distance between the two sides, but negotiations continue. there's still time left to reach an agreement. and we intend to continue negotiations. >> and so, here we are, new year's eve, and the country counts down to popping champagne corks, the ball dropping in times square, and going over the fiscal cliff. if congress fails to act in the remaining hours of 2012, taxes will go up on all americans and a series of mandatory government spending cuts will kick in. hello, new year. hello, new recession. after two years of missing self-imposed deadline after self-imposed deadline, all eyes were on the senate over the weekend as the house's failure to even bring a plan to a vote left it up to the upper chamber to find a way out. vice president biden who had remained on the sidelines in this round of talks was even called in to help move things al
to what they call crippling medicare cuts. the automatic fiscal cliff cuts will mean 2% reduction for medicare. on top of that, doctors face a 27% rate cut, because of a medicare formula that all sides say is broken. the sustainable growth rate formula, nicknamed the sgr, triggers doctor reimbursement cuts when health costs outpace economic growth. for nine years congress has passed doc fix funding to keep rates from being cut. this year it's being held hostage by the fiscal deadlock. without a fix, one physician group has calculated that most solo family doctors will see a $27,000 cut in terms of their revenues this year. a typical three-doctor practice will lose $80,000. the centers for medicare and medicaid notified doctors that they may not see a cut right away, because of a 14 to 29-day in terms of when they actually pay the bills after they are received. if congress reaches a deal by mid-month, they won't see a problem. the cms says they'll provide an update on january 11th. not knowing how much you're going to get paid for a couple of weeks as you're starting to see patient
. when the new congress is sworn in, and that means we're going over the fiscal cliff. unless we get something substantial in the next 24 hours, we will be going over the cliff. tax increases and on everybody. the defense cuts are not start until january 20. most americans are trying to tonight, come their paycheck, will this impact them? it does not create any 74 small-business owners. -- for small business small-business owners. know what is going to happen right now. the answer and is affecting the markets, the small-business market. >> secretary clinton is in the hospital, and other help set back for her. couple of weeks ago, she had suffered a concussn. in the course of a medical treatment, they manage to find a blood clot. very serious business. she has been hospitalized and treated for it. you for the update. she is in new york presbyterian hospital tonight. > if rg3 >> many remember to -- continue remember the life of an american hero. schwarzkopf was known for commanding operation desert storm. >> in 1990, norman schwarzkopf a little-known u.s. army general. a west point gra
in and the pentagon will be forced to cut $9 million in spending. >> if lawmakers can't avoid the fiscal cliff, they may be able to avoid a different cliff, the dairy cliff. house and senate members appear likely to extend farm legislation for a year, a deal that would keep milk prices skyrocketing in january. we were worried about $6 gallon of milk. it could keep a decades old subsidy from coming back to life. the usda would be forced to buy milk at prices well above what farmers were getting now if the subsidy was revived. it could double the price of moib to $6.12 a gallon. >> markets have been reacting to each move on capitol hill, but obviously, things at this point are looking like the dow would open down by about 7.5 points. the dow is off 67 points and the nasdaq is down 14.75 points. all the surprised given the late hour that -- >> even if something doesn't happen today, it happens in two or three days. >> right. so if you were looking for a market reaction because a lot of the market iraqis we've heard has said, if highways the case, near not getting it base odd what they're going to
the fiscal cliff. tax hikes and spending cuts are just hours away. >>> despite the looming cliff, party preparations are under way on this new year's eve, as we welcome 2013. >>> and moengs nal and triumphant return to the sidelines. for indianapolis colts coach chuck pagano. seems his inspired season is not over yet. >>> good morning, i'm john muller sitting in for rob nelson. >> and i'm paula faris. >>> it looks like secretary of state hillary clinton will be celebrating the new year from a hospital bed. >> during a routine checkup for an earlier concussion, doctors discovered she had a blood clot. he's abc's dierdre bryant. >> reporter: secretary of state hillary clinton was admitted to the hospital on sunday with a blood clot. her doctors discovered it in a followup exam for a concussion sufferered earlier in the month. >> with time and with medication, the clot will dissolve. it won't propagate further. won't cause a clot to the lung. it will recover -- someone that has this will recover fully. >> reporter: this is not the first time she's been diagnosed for a blood clot. in 1998,
're doing here, we are not going to offset the fiscal cliff, just doing the bush tax cuts. we'll only take away about 11%, 12% of total economic impact of the so-called fiscal cliff, all of the policies brought together because you'll be letting the payroll tax expire, the refundable tax cuts expire, and the sequester will be doing and we won't be doing much deficit reduction. we'll be increasing the deficit. it is just, i think, hard to step back and take in the totality of congressional failure around this issue. >> well, let's talk about what exactly is likely to happen or is the threat of what will happen. talk about the pentagon. talk about federal workers. talk about obviously the unemploy unemployed whose benefits are going away. >> absolutely. the biggest -- the most dangerous thing, the fiscal cliff is the unemployment insurance. if we go over for a month we can sort of trick everything else. we can -- the irs can do some tricks to make it so you don't feel tax increases quickly. we can do tricks to make it so we don't lay off people at pentagon, we can furlough them. there's no t
to deal with the fiscal cliff and deal with the spending cuts and later this year, not much else, not much time we have to sort of get out of this so they're saying, if they can get something through the senate, fine, but if not, it's up to them, they're waiting for the senate at least as far as the house of representatives. >> harris: our senior producer on capitol hill, often we don't get to see him, i can hear voices behind you and know there are people still on the him and let you get back at it. and if there's breaking news we'll bring you back. >> we think it's going to be pretty dead from this point on. >> harris: 11 a.m. eastern tomorrow is whe expected to pick back up again with official leaders going back to the hill. some new information coming out now about the terror attack in benghazi. according to president obama, the united states has some very good leads on who carried out that deadly assault at the consulate in libya killed four americans, as you know, including our ambassador to libya, christopher stevens. mr. obama remarking on the investigation into what happened durin
. if lawmakers do not reach a fiscal cliff agreement, you could see your taxes skyrocket and deep spending cuts kick in. major sticking points, entitlements and tax increases. house republicans have ended their meetings for the night. we'll find out tomorrow whether vice president joe biden and mitch mcconnell have made any progress in their talks. any deal would have to get enough votes to pass the senate and the house. >>> president obama says sandy hook school shooting was the worst day of his presidency. americans will have to explore their own feelings when his gun law reform proposals come out next year. >> the question then becomes, whether we are actually shook up enough by what happened here that it does not just become another one of these routine episodes where it gets a lot of attention for a couple of weeks and then it drifts away. it certainly won't feel like that to me. >> the president says the law he's pushing will address assault style rifles, high capacity magazines and background checks. >>> the fiscal cliff, it's not the only deadline pressing on congress. a five-year farm
championship begins to sink in. >>> but first, the u.s. is apparently going over the fiscal cliff. in just six hours across the board spending cuts and automatic tax hikes for all americans will kick in. lawmakers say they're close to an agreement. there are still some major sticking points. randall pinkston has the very latest. >> reporter: the gnat is close to a daily as the clock ticks toward mid nature and the nation teethers on the edge of the so-called fiscal cliff. >> let's pass the tax relief portion now. let's take what's been agreed to and get moving. >> reporter: the tentative deal would extend bush era tax cuts for families making $450,000 a year and individuals making 40 o,000. it would also extend unemployment benefits for one year. president obama said he would have preferred a grand bargain that solves all of washington's revenue and spending problems. >> with this congress, that was obviously a little too much to hope for at this time. it may be we can do it in stages. >> reporter: negotiations have been going on all day, lawmakers and aids moving back and forth between meetin
, i'm jjnniferrgilbert. you've fiscal cliff lately, here's congress decided to create a meehanismmthht cut militaay spending and entitlemmnt trillion dollars to try to force themselves into a deaal deal. that cliff is heree and it arrives as taxes are set o go up on all americans. anyone making ovee four year to pay more in taxes. conservative republicans don't want to raise taaes on anyyne. they're deeand only áspending cutsá to curb he country'ss debt. vice president biden and minorityyleeder mitch mcconnell are now talking agreement bott sidessof the senate caa agree on. 3 3 &p obviously, whaa had happened here between the two leaaers innthe senate had broken down because the senatt democrats republiianssmade last night. so hoppfully, the discussions back on track, hopefully get a can vote on, hopefully today - or tomorrow. it's not just your taxes, in 26 hours will have a edinn devastatiig effect on deffnse cuts will spiral outward to government conttactors aad coull lead tt widespread layoffs according to economisss. 3 and we're tracking morr breaking
to other developing news tonight. no deal on the fiscal cliff. if nothing is done by midnight monday, mandatory tax hikes and spending cuts will kick in, impacting every american. senate majority leader harry reid says while negotiations are on-going, the senate will not vote on any plan this evening. elizabeth corridan is monitoring the situation from washington, d-c. senate majority leader harry reid says while negotiations are on-going, the senate will not vote on any plan this evening. the senate will reconvene monday morning, at which point there will be just over 12-hours until the u.s. goes over the fiscal cliff. >>> if nothing is done by midnight monday, mandatory tax hikes and spending cuts will kick in, impacting every american. elizabeth corridan is monitoring the situation and brings us the latest. --reporter pkg-as follows -- " as we gather with so much work undone, guide our lawmakers with your wisdom." the senate convened its rare sunday session with a prayer for progress. the house returned from its holiday hiatus. with less than 48- hours until the u-s economy goes o
year's midnight hour when tax hikes and budget cuts swoop ground the fiscal cliff. the two senate leaders, harry reid and mitch mcconnell are working on a stop-gap bill. >> at some point it appears there are things that stop us from moving forward. i hope we're not there, but we're getting real close. >> i want everyone to know i'm willing to get this done but i need a dance partner. >> the legislation would prevent tax increase for roughly 98% of american workers, extend unemployment benefits set to expire for some two million people, and prevent a huge cut in payments to medicare doctors. >> we should go ahead and introduce legs that would make sure middle class taxes stay where they are and should be an up or down vote. >> a deal won't necessarily pass congress by monday night. if it doesn't, virtually everybody's income taxes will go up. the average family would pay an extra $3,462 in 2014. and farm programs would expire, potentially doubling the price of milk, and if congress doesn't pass new bill? >> we'll come back with a new congress on january 4th and the first bill on th
would be spent on eliminating the fiscal cliff automatic spending cuts and extending unemployment checks. is it true not a dial would go to cutting the real problem, the debt and deficit? >> yeah. in one scenario that is absolutely the case. we shouldn't actually be surprised. it has been clear at least for a short amount of time that this hasn't been the goal of these discussions. i mean for all the talk about deficit reduction and despite the fact that this began as an effort to rein in spending after the 2010 elections, it is clear democrats in the house and senate, i would argue the president, haven't been serious about long-term spending cuts. gregg: maybe they're not serious, you know, they see a political benefit to literally going over the fiscal cliff? >> yeah. i think there's, obvious political incentive for the president to go over the fiscal cliff at this point. if you think where we will be in just two days, and you're the president of the united states looking back on this, taxes will have gone up, defense cuts his uniform military have warned against will begin to be imple
of the fiscal cliff is congress agreed that they would cut an additional $1.2 trillion in spending. they put a committee together to try to come up with those numbers. they didn't figure out how to do it. and so what we now have is a situation where these automatic spending cuts go into place. now, if we have raised some revenue by the wealthy paying a little bit more, that would be sufficient to turn off what's called the sequester, these automatic spending cuts, and that also would have a better outcome for our economy in the long term. but, you know, so far, at least, congress has not been able to get this stuff done. not because democrats in congress don't want to go ahead and cooperate, but because i think it's been very hard for speaker boehner and republican leader mcconnell to accept the fact that taxes on the wealthiest americans should go up a little bit as part of an overall deficit reduction package. >> you talk about a dysfunction in washington. you signed this legislation setting up the fiscal cliff 17 months ago. how accountable are you for the fact that washington can't get a
this fiscal cliff is. because it's actually not that complicated. the tax cuts that were introduced in 2001, 2003, 2010, those were extended and they're all about to expire at the end of the year. so on midnight, december 31st, if congress doesn't act, then everybody's taxes go up. and for the average family, that could mean a loss of $2,000 in income. for the entire economy, that means consumers have a lot less money to make purchases, which means businesses are going to have a lot less customers, which means that they're less likely to hire and the whole economy could slow down at a time when the economy is starting to pick up and we're seeing signs of recovery in housing and employment numbers improving. so what congress needs to do first and foremost, is to prevent taxes from going up for the vast majority of americans. and this was a major topic of discussion throughout the campaign. what i said was, that we should keep taxes where they are for 98% of americans. 97% of small businesses. but if we're serious about deficit reduction, we should make sure that the wealthy are paying a litt
will be checking in with erica in just a few minutes but before we get to erica let us talk about the fiscal cliff we are in the final hours from keeping lawmakers from going over that so- called fiscal cliff. >> economist there that the combination of automatic spending cuts and tax increases could trigger a new recession. >> and spencer explains how negotiations today must now overcome a " major setback. >> there will be part of it that i find disgusting rest principle which i may have to swallow in the name of compromise. be a rare session on capitol hill. >> the senate will come to order. >> as lawmakers try to avoid the so-called fiscal cliff. >> both sides agreed to push forward. >> i want everyone to know i am willing to go the distance. but i need a dance partner. >> vice-president joe biden departure for mcconnell. >> if is not resolved by midnight tonight tax increases will be for all americans. >> one mom said to me in michigan that is four months' worth of groceries. >> that is gas for me back and forth to work. >> democrats won higher taxes on americans earning more than two of the $5
the fiscal cliff which could trigger across-the-board tax increases and billions in spending cuts. however, there is hope for a soft landing. senate republican leader mitch mcconnell and president obama said today a deal was close. but late in the day house leaders announced they will not vote on a deal tonight. they're waiting for the senate. so what happens now? we have two reports beginning with nancy cordes on capitol hill. nancy, good evening. >> good evening to you, rebecca. it looks like the deadline pressure finally prompted a meeting of the minds today. negotiators agreed to a plan that extends the bush era tax cuts for 99% of americans. but they are hung up on one key spending issue, and so it looks like we will go over the fiscal cliff at least temporarily. >> we're very, very close to an agreement. >> reporter: senate republican leader mitch mcconnell said his round-the-clock negotiations with vice president biden had paid off. >> i can report that we've reached an agreement on all of the tax -- the tax -- issues. >> reporter: first and foremost, the bush era tax cuts. the two
will the fiscal cliff. $600 billion worth of tax increases and spending cuts. it is supposed to be automatic. but now republicans are suggesting a delay, the president just spoke trying to add pressure to congress to avoid going over the fiscal cliff. listen. >> my preference would have been to solve all these problems in the context of a larger agreement, a bigger deal, a grand bargain, whatever you want to call it, that solves our deficit problems in a balanced and responsible way that doesn't just deal with the taxes, but deals with the spending in a balanced way, so that we can put all this behind us focusing on growing our economy. but with this congress, that was obviously a little too much to hope for at this time. >> let's turn now to chief white house correspondent jessica yellin. let's talk a little bit about the outlines of the deal, the fact that the president came out to make his case and try to push this thing over the finish line. what does the white house have to do to gain the backing it needs. >> reporter: well, what we heard from the president today just now was really an
midnight hour when budget cuts swoop down from the fiscal cliff. harry reid and mitch mcconnell are working on a stopgap bill. >> at some point the negotiating process it appears there are things that have stopped us in moving forward. i hope we're not there but we're getting real close. >> i want everyone to know i am willing to get this know, but i need a dance partner. >> the legislation would prevent a tax increase for 98% of american workers, extend unemployment benefits and prevent a huge cut in payments to medicaid doctors. >> we should introduce legislation to make sure that middle-class taxes stay where they are. >> even if they reach a deal it won't pass congress by monday night. if it doesn't everybody's income taxes will go up. the average family would pay $3,324 would. if congress doesn't passion a new bill? >> we'll come back with a new congress in january 4th and first bill will be introduced on the floor will be to cut taxes on middle-class families. >> the bargaining continues tonight. >> ama: in two dates, new laws to take effect in california. plus, we'll break down the i
have hours go before the fiscal cliff deadline when dramatic increases and spending cuts kick in. congressional leaders and vice president biden are struggling to avoid the fiscal cliff. those negotiations continue this morning. nancy cordes is on capitol hill. nancy, good morning. >> reporter: good morning to you, norah. they have appeared to move closer to one another. democrats have come way up from the president's longstanding position that the bush tax cuts should expire for all household income over $250,000 a year. republicans have come way down from speaker boehner's insistence that that limit be set at a million dollars. and so if there's a deal today, and that's a big "if," you can expect it would be set around $400,000, $500,000, $600,000 a year, so certainly 90, 95% of americans would be keeping their tax cut. one of the biggest sticking points for the republicans right now appears that this deal doesn't include significant spending cuts. in fact, it contain as lot of new spending and so that is one major issue that's going to have to be ironed out. and if they don't
as negotiations on capitol hill stall to avert falling over the fiscal cliff. senate leaders need to put something together to avoid tax increases for just about everyone and big spending cuts. a make or break deal comes down to a few lawmakers on the topic of taxes on the wealthy. >> it remains to be scene whether the republicans being driven by a very extreme group of house members will allow our economy to pert because of their desire to protect multimillionaires in this country. that's what it's going to boil down to. republican representative tom cole says he's confident that bainer can get the votes he needs. >> on the speaker's plan, he had over 200 republican votes, it's not as if he had an awfully strong hand to play, if it's a deal john boehner can accept, it will be passed in a bipartisan manner with a very strong majority. if on the other hand he's neutral and not favorable, his chances will be a lot slimmer. >> lisa desjardins following the news on capitol hill. >> reporter: the news is a little better than it was earlier today. negotiations are still happening. there was a point toda
and still no deal on the fiscal cliff. if nothing is done by midnight monday, mandatory tax hikes and spending cuts will kick in, impacting every american. senate majority leader harry reid says while negotiations are on-going, the senate will not vote on any plan this evening. elizabeth corridan is monitoring the situation from washington, d-c. >> reporter: >> as >> as we gather with so much, we need to guide our lawmakers with your wisdom. this evening. >> reporter: the senate will reconvene monday morning, at which point there will be just over 12-hours until the u.s. goes over the fiscal cliff. the senate convened its rare sunday session with a prayer for progress. the house returned from its holiday hours until the u-s economy goes over what's being called the fiscal cliff - lawmakers are locked in a fierce face-off over a set hikes. "we're apart on some pretty big issues." " >> i'm willing to get this done, but i need a dance partner." >> reporter: on n-b-c's meet the press, president obama made a final pitch for his plan to preserve bush era tax cuts for everyone but the we
in the united states to strike a deal to prevent the economy from going over the so- called fiscal cliff. that is when a package of automatic spending cuts and tax rises comes into fact which could set the country back into recession. that less than 20 hours into the generate the first deadline. >> as night descended on washington, no deal precentors went home with a low over 24 hours to go before the huge austerity package known as the fiscal cliff, something almost nobody wants is due to descend on the american economy. >> we will come in at 11:00 tomorrow morning and that further announcements. >> if there's no doubt, the price of failure could be high. the average american, might see their taxes rise by as much as $2,000 a year. as spending cuts take money from the economy, a second american recession becomes a possibility. confidence in america will be shaken. the financial markets may take fright. president obama believes it is time for the wealthiest americans to pay more in taxes. he has made that part of his negotiating position. he criticized republicans for resisting these tax
over the fiscal cliff. senators are in the driver's seat on this and they have until midnight to make some sort of compromise before massive spending cuts and tax increases kick in. randall pinkston has more from capitol hill. >> reporter: members of congress left meetings on capitol hill sunday without a deal. hours before the nation is set to fall off the so-called fiscal cliff. >> there is still significant distance between the two sides, but negotiations continue. >> reporter: if republicans and democrats can't strike a deal before midnight monday, taxes will go up for most every american. automatic spending cuts will kick in. millions will lose unemployment benefits. >> i'm willing to get this done but i need a dance partner. >> reporter: republicans introduced but quickly withdrew a proposal to cut the deficit by slowing social security. >> there is a lot of give and take going on right now but republicans don't want to see tax increases used for new spending. >> reporter: vice president joe biden was called on to help with the negotiations, this as the white house places a lot
is the fiscal cliff. lawmakers saw it coming, but didn't bother to pay any attention to it until after the election. had they put politics aside and dealt with it earlier, who knows how strong the u.s. economy would be right now. >>> next, scandal. can you guess who made our list because of bad behavior? new prilosec otc wildberry is the same frequent heartburn treatment as prilosec otc. now with a fancy coating that gives you a burst of wildberry flavor. now why make a flavored heartburn pill? because this is america. and we don't just make things you want, we make things you didn't even know you wanted. like a spoon fork. spray cheese. and jeans made out of sweatpants. so grab yourself some new prilosec otc wildberry. [ male announcer ] one pill each morning. 24 hours. zero heartburn. satisfaction guaranteed or your money back. >>> i'm don lemon with a look at your headlines. hillary clinton will spend new year's eve in a new york city hospital with a blood clot. doctors admitted the secretary of state sunday after a medical exam. the clot is believed to be related to the concussion
and spending cuts, heading over the dreaded fiscal cliff. president obama says an agreement, though, is within sight. republican-led house of representatives, though, will now wait till after the country goes after that fiscal cliff at midnight tonight before coming up with a deal, if, in fact, there is a deal. we want to welcome our viewers in the united states and around the world. i'm wolf blitzer. you're in "the situation room." >> announcer: this is cnn breaking news. >> let's get to the first breaking news story we're following right now. the secretary of state hillary clinton is in the hospital this new year's eve with a potentially serious blood clot which doctors have now revealed is located between her brain and her skull. let's go straight to cnn's foreign affairs correspondent jill dougherty for the latest. dr. gupta's going to join us momentarily as well. tell us what her doctors have just revealed. >> well, wolf, backing up just a little bit. all day today, the question was, where was that blood clot. because after all, in the statement that came out initially, it was no indicati
donald >>> peering over the "fiscal cliff," lawmakers have just hours to prevent tax hikes and spending cuts. is there any hope for a deal? >> reporter: firefighters are calling a house fire in san francisco's excelsior district suspicious. we'll tell you why in just a few moments. >> it's a frosty start to this last day of 2012. what about rain? could we see that on new year's eve? weta
am shibani joshi. ashley: and i and ashley webster. fiscal cliff talks are stalling. tax hikes and spending cuts. president obama said to speak in about 30 minutes from now. shibani: stocks are holding their ground. waiting for some sort of news out of washington. the dow sitting at session highs. at least we are closing. ashley: it changes with every headline. the world ringing in the new year. new zealand, australia, japan, china, we will get a sneak preview of celebrations being planned as times square gets prepared for 1 million visitors. it is a complete nightmare. [ laughter ] ashley: time now for stocks now as we do every 15 minutes. we are up 51 points. not too bad on this last trading day of the year. >> that is right. the dow has been pretty flat. going back and forth between the red and green. the nasdaq is up 30. same goes for the s&p stock of about nine points. we are also watching a settlement between u.s. regulators and about a dozen banks. sources tell the "new york times" that 14 banks include tank of america, wells fargo and jpmorgan chase. we are taking a loo
big tax hikes that are part of the fiscal cliff. also big cuts in government spending that could make 2013 a pretty rough year. congress is ending 2012 with a real problem. >> when the future of the country rests in the hands with 70 and 80-year-olds is not the best thing. >> the vice president appears to be taking over for democrats after a republican counter offer to prevent tax hikes was met by silence. harry reed said democrats couldn't respond. >> i'm willing to get this done but i need a dance partner. >> reached out to the vice president whose years in the senate could help him broker a deal. probably just a continuation of the bush era tax cuts for most americans and a renewal of long-term unemployment benefits. payroll taxes will go up tomorrow for everyone. a big hit for paychecks and those automatic government spending cuts were still happen. president obama blamed republicans. >> we don't see an agreement and now the pressure is on congress to produce. >> the president talked about making social security cuts. and they now appear to be off the table. which means that just
than 24 hours away from going off the so-called fiscal cliff. >> there is still no deal to avoid tax hikes and spending cuts in. >> danielle leigh has more. >> congress is waking up from an intense weekend. >> the senate stands in recess. >> they will not meet again until later this morning. in atre going to come 11:00 a.m. tomorrow morning and we will have further announcements perhaps at 11:00 in the morning. >> hold because of what aides described as constructive movement over the weekend. avoiding a jump in inheritance taxes. republicans dropped a demand to cut social security. >> the consequences are too high for the american people to be engaged. i am interested in getting a result here. >> i think it has been hard for john boehner and mitch mcconnell to accept the fact that taxes on the wealthiest americans should go up a little bit. >> yesterday it was republicans waiting on democrats for a counter offer. >> mitch mcconnell called the vice president for help. lawmakers will scrambled into the final hours. republicans will likely push for reforms they give up this time around
to fall off that fiscal cliff. if that happens, that would mean the end of the temporary payroll tax cuts. even if that doesn't happen, most believe taxes will go up next year. >> one of the things that is being floated right now is people are advising people to get out of dividend paying funds, high dividend yield funds and move more into tax exempt bonds and things like that that won't be taxed. >> the current budget negotiations between president obama and house speaker john boehner also could mean the reduction of the popular deduction for charitable contributions. >>- q. i if it came to the poi -- >> if it came to the point where i wasn't receiving my credit for helping out a charity or even helping them out in their situation, then why would i even help them out? >> statements like that that has the chief executive officer of the united way of the bay area and other nonprofits fighting to obtain charitable deductions. >> it would be a mistake to think thereth was only a benefit for high income people. 24r* are many, many donors who itemize their taxes, and they take advantage of the
of the program. he was introducing a bill to soften the landing if the nation goes over the fiscal cliff. the calm act.thit it would allow omb to substitute sequester cuts. more than $100 billion in budget cuts across the board. that is something the new congress will have to deal with. less than 17 hours before the deadline. ellen is joining us from washington, d.c. caller: good morning. i did nothing speaker boehner wanted to cut a deal with the democrats anyway. all this stuff is around president bush. it's not all on obama. host: ok. thank you for the call. harry reid said this yesterday. [video clip] >> the republicans have taken the benefit cuts off the table. there is still significant distance between the two sides but negotiations continue. there is still time left to reach an agreement. host: those negotiations moved into the evening. the house coming back at 9:00 p.m. eastern for morning business. votes would happen sometime after 10:00 a.m. front-page of "the new york times." let me read a few sentences. host: that is the front page of "the new york times." good morning from
't want to see the fiscal cliff happen. they want to see the tax cuts for middle class people maintained and they want to see all the other things i suggested. these are relatively simple things. we don't have to get into the complexities of major spending cuts, entitlements. we can just do these things the president suggestened and put oursds in a position to tackle these more broad fiscal issues next year. >> valerie, i promise i'm going to get you in. are you a democrat? not valerie, john. >> well, we're a nonpartisan organization. >> because you're saying these things the president wants to get in. is this ideological for you because i'm reading between the lines of what you're saying. you're saying it appears this is being held up and it appears you're saying the republicans are holding it up. >> well, the president has put forth some pragmatic temporary solutions to get us to the point where we continue go over the fiscal cliff, and he said he's willing to sit down and talk with republicans about a broader deal next year. so that's really -- we have 24 hours here and that's what we
over the so- called " fiscal cliff. " economists fear the combination of automatic spending cuts and tax increases could trigger a new recession. andrew spencer explains how negotiations today must now overcome a " major setback. " >> talks on briefly hit a major setback over social security benefits. both sides agree to push for. >> i want everyone to know that i'm willing to get this done but i do need a dance partner. joe biden is that person. top-level resources stated that the two were talking and if nothing is resolved by midnight then the taxes will increase for everyone. >> one mom and mexican stated that this is about 1 months of groceries. >> democrats want the tax is to be raised for people making too much as $50,000 a year more. other people want to see government spending put in check. >> the president is doing nothing about the eviction of his administration. he is the spender in chief. >> i offered over a trillion dollars in addition to spending cuts. this is a way that we can have increased revenue. >> the senate recompense at 11:00 a.m. so as americans celebrate
to go over the fiscal cliff because then he comes in january 7th or 8th and does all these tax cuts that actually are getting rid of these tax increases so it will be the obama tax cuts instead of the bush tax cuts. stuart: wait a second. we go over the cliff. the republicans get the blame. the president flies in and saying i'm fixing everything. david: and heelowers tax rates. liz: he wouldn't be fixing anything. he would be keeping in place the bush tax rates for the middle class. that's what lost in this debate. the middle class tax rates came from the bush administration. david: that's a great point. liz: more poor people were exempted from taxes under the bush administration. more poor people were exempted from taxes under the bush administration. that data comes from the nonpartisan congressional budget office. when the bush tax cuts came in, federal revenues came pouring in 30% higher in 01 and 03. stuart: let's not forget that, please. liz, thank you very much indeed. no matter what the outcome on the fiscal cliff, looks like the g.o.p. will end up getting a big proportion o
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